- Title: Steinhoff's former CEO says not aware of accounting irregularities at company
- Date: 5th September 2018
- Summary: JOHANNESBURG, SOUTH AFRICA (FILE - DECEMBER 6, 2017) (REUTERS) VARIOUS OF STEINHOFF BUILDING EXTERIOR/CAR DRIVING OUT OF THE PREMISES STEINHOFF SIGN STEINHOFF ENTRANCE SIGN READING (English): "Staff Entrance"
- Embargoed: 19th September 2018 11:41
- Keywords: Steinhoff's former CEO Markus Jooste says not aware accounting irregularities at company South Africa
- Location: CAPE TOWN AND JOHANNESBURG, SOUTH AFRICA
- City: CAPE TOWN AND JOHANNESBURG, SOUTH AFRICA
- Country: South Africa
- Topics: Company News Markets,Economic Events
- Reuters ID: LVA0018WCOSY5
- Aspect Ratio: 16:9
- Story Text:Steinhoff's former chief executive, Markus Jooste, told a parliamentary inquiry investigating an accounting scandal at the retailer that he was not aware of any accounting irregularities when he left the firm in December 2017.
Jooste told the inquiry that he lost 3 billion rand ($193 million) due to the company's stock collapse after the scandal was uncovered.
Jooste, who is also under fraud investigation by South African police, resigned in December after the company, which has more than 40 retail brands including Conforama in France, Poundland in the UK and Mattress Firm in the United States, uncovered accounting irregularities that hit its share price and left it scrambling for working capital.
Jooste was instrumental in transforming Steinhoff from a small Johannesburg furniture outfit into multinational retailer.
Steinhoff shares rose as much as 5 percent ahead of Jooste's hearing at parliament.
In July, creditors agreed to hold debt claims for three years, removing an imminent threat of default that would have tipped the company into bankruptcy. - Copyright Holder: FILE REUTERS (CAN SELL)
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